Personal Loans

Looking online for personal loans with bad credit? You’ve come to the right place! Cashfloat, a trusted direct lender is here to help! We offer instant decision loans with same day payout, if approved. You can apply now with Cashfloat and receive up to £1100!

Your Personal Loan Information Card
  • You can get a personal loan from £200 to £1100
  • Feel free to apply, even with a bad credit score
  • You can repay your personal loan with up to 4 instalments
How Much Can I Borrow?
  • 3 minutes to complete the online application form
  • 90 seconds instant lending decision
  • 1 hour from approval, the money should be in your bank account

* Average numbers

How Fast Can I have the Money?
  • We are an FCA authorised direct lender.
  • We welcome people with bad-credit
  • Unsecured loans, no guarantor needed
Why Cashfloat?
FAQs about Wonga Loan Alternatives

If you are looking for a small personal loan, you’ve come to the right place. In any case, before you click the apply button, stop and think: Am I getting the best personal loan available, or is there a cheaper option? Here, we at Cashfloat will give you all the information you need to find yourself the best personal loan ever!

What is a Personal Loan?

As always, like any product, you need to carefully consider if a personal loan is the right solution for your current situation. Even more so, see if there is a way that you can solve the money dilemma without needing a loan at all.

Personal loans definition

A personal loan is simply a loan that is used for your personal use, and not for business or commercial use. Incidentally, that could be anything! Did your car break and you need a loan for a fast repair? Do you need help with money to buy an expensive new item? Or maybe you forgot your girlfriend’s birthday and need a loan to buy a present before she gives you the silent treatment…again? If so, a personal loan may be just what you need!

Where Can I Find a Personal Loan Right For Me?

Personal loans can be obtained online, in a store or at your local bank. The actual term ‘personal loan’ can cover a huge range of services. That’s why you should really check a personal loan’s meaning with the company who is offering it to you. One company could offer personal loans unsecured while another company can give you the same amount, but require you to give them an asset of yours as collateral in case of non-payment. You can borrow most personal loans with no guarantor. To find the loan best for you:

If you have very bad credit, you may choose to apply for a guarantor or secured loan, rather than an unsecured loan as you are more likely to be approved. However, if you have good credit and need personal loans today, Cashfloat is a flexible and affordable lender that will get the money into your account within hours of approval!

Who Can Apply For Personal Loans?

Depending on the lender, there can be different personal loans requirements with different lending companies. In general, most companies do not offer personal loans to unemployed people. The basic criteria are:

You must be over 18
You must have a UK bank account
UK resident
You must be in employment

If you are self employed, always double check that the lender you have chosen will accept your application since not all lenders will accept applications for personal loans from self employed people. The same rule also applies for students. While some lenders will offer personal loans for students, always double check first. With, the above criteria are the only ones needed to apply for a loan. Still, just because it’s so easy to apply for a loan with us, doesn’t mean it’s always best! Explore your other options first.

Personal Loans Interest Rates

As mentioned at the beginning, a personal loan simply means a loan used for your personal needs. Obviously, personal expenses vary hugely, depending on the situation, so personal loans interest rates vary widely in lieu to that. Here is a summary of types of personal loans and their average interest rates (as of February 2017):

Loan type APR Loan term Loan Amount Repay early penalty Same day funding Extra requirements
Payday loans 997% APR at Cashfloat
1200-1550% APR other lenders

Up to 4 months

£200 -£1,100




Guarantor loans

39-50% APR

1-7 years

£500 to £15,1000



A guarantor

Bank Personal Loans

3-12% APR

1-7 years

£1,000 to £50,000



Variable according to type of loan and whether you bank with them or not

Debt consolidation

2.9-52% APR

3 months – 10 years

£1,000 – £35,000



Variable according to type of loan

Revolving personal loan

68% APR






Homeowner Loan

4%-12% APR

6 months to 35 years

£1,000 – £150,000



Own a home

Types of Personal Loans

There are many different types of personal loans designed for all kinds of different situations.

  • Small personal online loans.
    These are a good fix for when you need a small loan to cover an unexpected expense until you get your salary. Since these loans have a high interest rate, other options should be explored before you choose to go for this one. For instance, Cashfloat provides small personal loans designed to cover an unexpected expense. As a result, our loans should never be used as a long term financial solution.

  • Personal loans with a guarantor.
    If you want a cheaper personal loan, or have very bad credit, you may choose to take personal loans with guarantor approval. Accordingly, if you do not manage to pay your loan, your guarantor is legally obligated to do so. As a consequence, this gives the lender confidence to lend to you as well as giving you a loan you may not have access to before.

  • Bank Personal Loans.
    These personal loans can only be obtained by a bank, normally by the bank that you hold a current account with. However, some personal loans have a variable interest rate, so make sure that repayments are affordable for you in the long term. In addition, beware of your bank trying to sell you Payment Protection Insurance, or PPI, which is supposed to cover payments if you are not able to under certain circumstances. Ironically, PPI has been knows to be widely mis-sold in recent years.

  • Personal loans for debt consolidation.
    This means that you use personal loans to pay off debt by taking just one loan to pay off several other open lines of credit. Eventually, you might want to do this as it can often save you on interest. For example, if you have 3 payday loans for £1,000 and you are paying 24% on each, you will pay £720 in interest. Contrarily, if you take one debt consolidation loan of £3,000 which has an interest rate of 12.6%, you are only paying £378 in interest, thus saving you £342!

  • Like with any other product, you need to be careful when using personal loans to consolidate debt. Moreover, always check that the interest you will be paying on the debt consolidation loan is lower than the interest you are paying at the moment. In addition, don’t forget to read the fine print for any unexpected fees and charges. Of course, always check that the lender is FCA authorised.

  • Revolving personal loans.
    This is where you are given a line of credit that you can use on a constant basis. To this effect, company takes money from your account as soon as it is available. Consequently, a huge downside of this form of credit is that the lender requires read-only access to your bank account….yeah, not sure you would want that!

  • Homeowner loans.
    These personal loans are secured against your home. As a result, they are normally much bigger loans taken over a long period of time. However, before taking this type of loan, be very sure that you can make payments or you may be at risk of losing your home!

Personal Loans Rates Compared

As you can see from the table above, personal loans rate of interest differ majorly depending on how much you need, how long you need it for and what requirements you have. Understandably, with personal loans, low interest rates are found with big loans that are taken over a longer period of time. With small personal loans, low interest rate APR is far higher than the lowest interest rate of a bigger loan taken over a long time. For example, a low APR for a homeowner loan is 4%, whereas a low personal loans APR is 997% – Cashfloat’s own APR. Yes, we hold one of the lowest APR’s for small personal online loans on the market!

Where Can I Find Small Personal Loans With Low Interest Rates?

Cashfloat provides small amounts over a short period of time for a very competitive APR. Whereas most small loan APR rates are well into the thousands, our APR is just 997 percent! Of course, if you can get 0 interest personal loans from friends or family or dole out from your savings, it will save you money. As always, investigate ALL your options before settling on small personal loans – even personal loans with a low APR.

How Much Can I Get a Personal Loan For?

Cashfloat offers personal loans, ranging from £200 up to £1100. If you are a new customer the maximum we can offer is £500. Before you apply for a loan it is a good idea to check exactly how much money you will need. You don’t want to be taking a loan larger than you require as you will be paying interest on the amount you borrow.

What Does the Personal Loans Application Process Look Like?

Once you have decided you want to apply for a personal loan, you can go to our online application form. This form should take you no more than a few minutes to fill out and you will get an instant loan decision. Be careful when filling out the form making sure include all the correct information. If approved money can be sent to your bank account the same day.

Personal Loans Calculator

In order to help you figure out how much you will need to repay on a personal loan, companies offer a personal loans calculator on their website. This will show you exactly how much you will need to pay and when. If a company does not make the terms of the loan clear, you should try find a lender that openly states the loan details before you are approved.

Cashfloat’s personal loan calculator

When applying for a personal loan with Cashfloat, a personal loans repayment calculator is built into the process so that you know exactly how much you will pay and when and with which APR. Ultimately, when it comes to your money, we want you to be in full control.

Personal Loans Online

There are many personal loans companies offering credit on the Internet. For this reason, lenders like Cashfloat will make the process easy and quick, so that you can have a hassle-free borrowing experience. We provide small personal loans, quick approval if you are eligible and same day payout. Since we are a personal loans direct lender, we deal with the application and provide you with the money directly. On the other hand, a personal loans broker will send your application to a number of lenders who will then contact you – the broker does not lend to you directly.

Personal loans direct lenders are always easier to deal with since you know exactly who you are dealing with and know who to approach, should a need arise. As such, Cashfloat’s easy-to-navigate website also has a live chat system that enables customers to contact us quickly and efficiently with any queries, comments or suggestions.

Are Personal Loans the Same As Short Term Loans?

Since a personal loan is simply a loan that you use for personal use, short term loans can fall under this category. A form of personal loan that is becoming more and more popular is personal loans paid in monthly payments. This is because the personal loans repayments are far easier to manage over a few months than in a lump sum.

Cashfloat’s dynamic personal loans can be repaid in a lump sum or in instalments – whatever is more comfortable for you. Moreover, we offer the option for customers to repay however much they want whenever they went – saving them money!

Can I Get a Personal Loan For Bad Credit

Do you have bad credit and need a small personal loan? Cashfloat is one of the lenders in the UK offering personal loans for bad credit. Although we carry out a thorough examination of the information from credit reference agencies, we still may lend to people even if they have a bad credit report. In fact, one of our customers wrote to us:

‘Thanks to the for accepting my application forms with a bad credit score. I lost all my hopes to get the cash…’

Don’t lose hope! Even if you have not paid your credit well in the past, you may still be able to obtain personal loans for poor credit from direct lenders like Cashfloat.

How are Applicant Personal Loans with Bad Credit Approved?

Good question! After all, would you employ someone who has a bad CV? With personal loans, poor credit is sometimes acceptable because personal loans tend to be for smaller amounts and over a shorter period of time, so it exposes the lender to a lower level of risk. Still, a personal loans bad credit direct lender will only offer personal loans to those who they really trust will repay it. However, if you have not been able to obtain personal loans with bad credit in the past, you may need to work on improving your credit score before reapplying.

How to Get Personal Loans with Bad Credit

Instead of searching Google for ‘personal loans w bad credit’, you can apply at Cashfloat for a bad credit personal loan. We are a personal loans direct lender that looks at each application favourably and we will always try to help wherever we can.

Regrettably, if your application is not accepted, you may need to look a little further. For example, some lenders offer personal loans based on income only or they may require some collateral as security, since their trust in you is lower due to your bad track record. At any rate, if you find an unsecured personal loan bad credit direct lender who will give you money despite a very bad credit report, always check that the they are fully FCA authorised!

I Need a Personal Loan. Why Does My Credit Score Matter?

The credit scoring system was created so that credit institutions can share data with each other to see if you can be trusted with their money. Therefore, if you are paying your other lines of credit, chances are you’ll pay this one – no? As a result, a high credit score assures your lender that you are trustworthy, as it confirms that you have paid other lines of credit well in the past.

Had it rough before you got your big break? Overcome a tight spot that has left you looking untrustworthy? You can normally still get personal loans with a low credit score, but it will not be as easy. For example, you may need to cosign with someone else or offer collateral. When obtaining personal loans online, bad credit is more tolerable as online lenders normally offer lower amounts of money, so they are willing to take a bigger risk. Even though the highest credit score you can have is 850, when applying for personal loans, 600 credit score and even a credit score under 500 is not unheard of. Still, with personal loans, good credit is always appreciated. Of course, it is much easier to get personal loans with fair credit since companies trust you a bit more than if you have bad credit, so try and improve your credit score to increase your chances.

Are Small Personal loans With No Guarantor Easy To Obtain in the UK?

Finding a guarantor for your loan can be complicated which is why no guarantor personal loans are a much more comfortable option. If you are only looking for a small personal loan, it will be easier to find these without a guarantor. Most lenders offer small personal loans online with no guarantor, so you can apply for a loan in just a few minutes without having to send in any paperwork at all. Cashfloat loans are available 24/7 online. We will never ask you for a guarantor – guaranteed!

Do Unsecured Personal UK Loans Affect Your Credit Score?

When you apply for any loan, whether online or instore, it is marked on your credit file. This should not have a negative impact on your credit as long as you don’t apply for many loans in a short period of time. Once you borrow a loan, such as an unsecured personal loan, the lender will report the loan activity to a credit reference agency every month. If you miss a payment or default on your loan, this will go straight onto your credit report and can make it harder to obtain UK personal loans in the future.

Where Can I Find Cheap Personal Loans with a Low Interest Rate?

If you are looking for cheap personal loans, the best way to obtain one is through an FCA authorised personal loans lender. The interest rates on personal loans vary widely, depending on what type of loan you’re looking for. The best way to compare personal loans is by making a list of all the features you need and then researching the lenders online to see who ticks all your boxes. You can then compare interest rates and APR to find the best low interest personal loans for you. At Cashfloat, we know that our personal loans are not the cheapest, but they are affordable and can provide fast cash relief when you have a short term money problem.

Can I Get Same Day Approval Personal Loans Online?

Depending on the size of the personal loan that you are looking for, you can find most personal loans online with same day approval. Some personal loans lenders even have a same day payout feature. If you need a personal loan fast, make sure that the lender you are using is a direct lender and offers both same day approval and same day payout. If you are not sure, give them a ring – that’s often the fastest way to get hold of a lender. Cashfloat is a personal loans direct lender. Our loans are funded same day, if approved.

Your Credit Score

How does your credit score work? Sometimes there are ways of uping your credit score even without doing much work. Finding out your credit score before you appyly for a payday loan is a great idea. It will give you time to get it good. Applying for credit can get your credit score higher. People who do not have credit cards may not be approved for a short term loan as they do not have a credit history. Personal loans work the same way. If you have a bad credit then it may be helpful to apply for a joint loan as the partner may have a good credit rating. Taking a loan with a guarantor may be helpful for people with bad credit.

Personal Loans No Credit Check

If you are looking for personal loans with no credit checks presently, you will not find a legal lender that provides this. According to regulations, credit checks must be carried out one every application for a personal loan. Consequently, if a lender calls themselves a ‘personal loans no credit check direct lender’, they are either illegal or they carry out a credit check, but do not use it to make a decision on your application. In all cases, personal loans online with no credit check are unsafe since you want to be dealing with a lender that completes the correct process before giving you a loan. Sometimes, personal loans with no credit check can be obtained from a lender who requires collateral or a guarantor since the risk is reduced considerably for them, despite not looking at your credit.

Why Would I Want a No Credit Check Personal Loan?

Every time a company carries out a credit check, it leaves an imprint on your credit report. As a result, if a lot of companies check your credit report, it can have a negative impact on your credit score. This can reduce your chances of obtaining credit in the future. Still, you cannot expect lenders to give you a loan without first checking that you have repaid other credit in the past! No doubt, if you search carefully for ‘personal loans no credit check monthly payments’ you may find a lender that will help you, but always check that they are FCA authorised! Is the company advertising ‘personal loans with guaranteed instant approval’? Bad sign. This means that they either have a very crooked company policy, or they are a respectable company that will give you a loan after asking for a mountain of other documents.

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Cashfloat Can Grant A Personal Loan For Bad Credit Situations

You certainly do not need perfect credit to get a personal loan from us. While we would not say, we are a specialist in providing a personal loan for people with bad credit Cashfloat love to help where we can. Just fill in the application for to see if you are eligible for our Personal Loan UK wide.

There are quite a few providers of personal loans for bad credit, but you should ensure you are picking the right vendor. We believe that Cash Float offers you the best possible solution to get around life’s little troubles. If you want a Personal Loan, bad credit certainly does not need to be a deal breaker.

Personal Loans Comparison

Nowadays, you can easily compare personal loans offers online using various websites. You can go onto these websites and compare many different loan options and offers, then choose a personal loans lender that sounds like the one that is best for your needs. However, you need to keep in mind that there is no completely truthful personal loans compare website. Strangely enough, comparison websites rank lenders according to who pays them the most, not according to what is really the best option for you.

Ultimately, the best way to find the right personal loans lender is just to do your own research. Firstly, write down what features are important for you. Next, comb their websites and check out the lender’s personal loans reviews. You already the final and golden rule: Always check the lender’s FCA authorisation. Below, we have gathered some features of payday lenders we think are worth comparing:

Why Should I Use Cashfloat?

Did you know? Cashfloat has been able to help over 25,000 people in the UK! We are a trusted direct lender authorised by the FCA. When borrowing a personal loan in the UK, take advantage of the fact that the UK credit industry is narrowly monitored by the FCA – there is no reason to fall into the hands of illegal loan sharks. Before taking a loan with any lender, check that they are FCA authorised first!

Don’t believe us? Check out our online reviews!

Personal Loan Places Near Me

All things considered, if you are more traditional and like to sit down with a real person before taking a loan, you can obtain personal loans instore. To find personal loan lenders near you, you can run a google search for personal loan places near you. For example, websites like will be able to tell you exactly how far the nearest instore lender is from you.

You can find out more personal loans information at your local bank or on the Money Advice Service Website.

Personal Loans – Conclusion

A personal loan can be used for nearly anything. Cashfloat is a fully authorised direct lender offering loans from £200 up to £1100. When applying for a personal loan, make sure you know exactly how much you need, as the more you take out, the more you will have to repay. It is simple to apply for a loan with us and you will get an instant lending decision. We fund same day so you will have you money as soon as you need it. Worried about your bad credit? Cashfloat specialises in funding personal loans with bad credit.

Written by: Sarah Connelly
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